Norges Bank purchased a new stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 296,410 shares of the oil and gas company's stock, valued at approximately $3,856,000. Norges Bank owned 0.28% of DNOW at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its holdings in shares of DNOW by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company's stock valued at $82,063,000 after acquiring an additional 543,403 shares in the last quarter. Raymond James Financial Inc. purchased a new position in DNOW in the fourth quarter valued at about $3,903,000. JPMorgan Chase & Co. increased its position in DNOW by 6.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock worth $23,985,000 after purchasing an additional 112,135 shares during the last quarter. Barclays PLC raised its stake in shares of DNOW by 44.6% during the 3rd quarter. Barclays PLC now owns 346,657 shares of the oil and gas company's stock worth $4,484,000 after purchasing an additional 106,927 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of DNOW by 15.1% during the 4th quarter. Royce & Associates LP now owns 705,407 shares of the oil and gas company's stock valued at $9,177,000 after buying an additional 92,769 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.
DNOW Stock Performance
Shares of NYSE DNOW traded up $0.17 during mid-day trading on Tuesday, reaching $15.40. 361,952 shares of the company traded hands, compared to its average volume of 1,126,525. The company's fifty day moving average is $15.78 and its two-hundred day moving average is $14.36. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The stock has a market cap of $1.63 billion, a PE ratio of 21.10 and a beta of 1.21.
DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. Research analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current year.
DNOW declared that its board has authorized a share buyback program on Friday, January 24th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the oil and gas company to buy up to 10% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the company. StockNews.com upgraded DNOW from a "hold" rating to a "buy" rating in a report on Thursday, February 27th. Susquehanna dropped their price target on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday. Finally, Stifel Nicolaus lifted their price objective on shares of DNOW from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, February 14th.
Get Our Latest Stock Analysis on DNOW
DNOW Profile
(
Free Report)
DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.
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